Kitron Asa · OSL:KIT
Kitron Asa — Investor Day (December 2025)
32 slides from Kitron Asa's investor day presentation, December 2025
Slide 1: Scaling Resilience – Profitably Growing in High-Reliability Markets
Scaling Resilience – Profitably Growing in High-Reliability Markets 2025 Capital Markets Presentation Kitron Group, December 2025
Slide 2: Agenda
AGENDA • Introduction to Kitron (Peter Nilsson) • Macro, Sales strategy & sector outlook (Hasse Faxe) • Defence/Aerospace market sector (Hans Petter Thomassen) • DeltaNordic joining Kitron group (Rickard Vahlberg) • OPEX and AI implementation (Stian Haugen) • Financial targets & outlook 2025/2026 (C
Slide 3: Introduction to Kitron
Introduction to Kitron Peter Nilsson President & CEO
Slide 4: Our business
Our business PRODUCT SERVICES Development Industrialisation Sourcing and Manufacturing Logistics and Redesign and Procurement Distribution Repair Kitron is a leading Scandinavian Electronics Manufacturing Services (EMS) company, delivering improved flexibility, cost efficiency, and innovation power
Slide 5: Kitron Group
Kitron Group Nordics & N.A CEE Asia Pacific Norway Lithuania China Sweden Poland India Denmark Czech Republic Malaysia US Germany Headquarters in Norway 60 + 11 110 000 + ~3200 300 + 13 Plants Years of Countries sq. m of Employees Engineers experience manufacturing 5
Slide 6: Our Unique Strengths – One Kitron
Our Unique Strengths – One Kitron Financial strength & strong balance sheet Global footprint with local execution Highly specialized requirements and certifications (i.e. defence, medical) Proven track record through excellent customer and project references Speed and agility: One Kitron – common IT
Slide 7: Proven track record
Proven track record Revenue EBIT margin EUR million Percentage Revenue growth 720 • Annual growth ~10% (ex. M&A) over a business cycle 8.8% • From 4 to 13 factories globally Margin improvement • World-class operations management • Proven economies of scale concept 3.5% Capacity expansion 230 • 3 int
Slide 8: Macro, sales strategy & sector outlook
Macro, sales strategy & sector outlook Hasse Faxe CCO
Slide 9: Macro and sales strategy
Macro and sales strategy • Strength in Nordic and U.S. markets Growth Targets 1 600 • Recovery in European markets expected in 2026 1 400 • Strategy: 1 200 • New partnerships with Global 1 000 OEMs • Growth in home markets: 800 sovereign capabilities and 600 localization • Target new innovation and
Slide 10: Customers and positioning
Customers and positioning MARGIN/COMPLEXITY Local niche providers Mass production VOLUME Long-term, repeat business Customers often market leaders Often high-complexity products Regionalized supply chains and manufacturing 10
Slide 11: Growth strategy in market sectors
Growth strategy in market sectors Connectivity: Medium-term 10-20% annual growth • Focus: Sensors, optical networks, encrypted communication and data acquisition 178 205 • Drive for high utilization, high automation – economies of scale 118 155 • Take advantage of application know-how, proven track
Slide 12: Medium-term ambition
Medium-term ambition 1500 Revenue EUR million 1100 EUR 1.5 billion in revenue 900 > 9% EBIT margin > 25% Return on Operating Capital 641 720 Timing dependent on market recovery and M&A 369 273 210 225 2014 2016 2018 2020 2022 2025 2026 2027 … Target Includes DeltaNordic from 2026 12
Slide 13: Defence and Aerospace market
Defence and Aerospace market H.P. Thomassen VP Nordics & N.A.
Slide 14: Reindustrialization of European defense capabilities
Reindustrialization of European defense capabilities Beginning of an investment “super cycle” • NATO budgets accelerating toward ~3.5% of GDP and above. • Civil defence, infrastructure resilience and cyber readiness expanding scope • Nearly 80% of EU equipment was imported in 2023. 2025 saw a sharp
Slide 15: Kitron's strategic defence sector positioning
Kitron’s strategic defence sector positioning • Long-standing commitment to the defence sector • Strategic vision that aligns with industry growth Defence outlook Kitron 778 • 690 Strong, sustainable partnerships with leading defence OEMs. Rolling 3-year frame orders common 590 • Management protocol
Slide 16: Kitron's strategic defence sector positioning
Kitron’s strategic defence sector positioning Kitron Estimate (€M) • Focus efforts on systems where Kitron 2030 has strong application knowledge 2029 • Long range precision munitions • Weapon control systems 2028 • Communication equipment 2027 • Radar systems 2026 • Combat vehicles 2025 • Unmanned s
Slide 17: DeltaNordic joining Kitron Group
DeltaNordic joining Kitron Group Rickard Vahlberg CEO DeltaNordic AB
Slide 18: DeltaNordic at a glance
DeltaNordic at a glance Revenue plan ▪ Provider of robust electronics, electric cabinets and MEUR complete systems. Processes range from stand-alone PCBAs to box-build assemblies 131 113 ▪ Integrated end-to-end partner delivering mission- critical systems for high cost-of-failure environments 74 45
Slide 19: Supplies mission-critical components to high cost-of-failure applications
Supplies mission-critical components to high cost-of-failure applications Defence Industry ~50% DeltaNordic’s Defence share expected to increase to ~70% in the medium-term ~17% Used in combat vehicles, assault crafts and all-terrain vehicles Used in various control and automation systems Mining and
Slide 20: Electric systems a platform addition to Kitron
Electric systems a platform addition to Kitron Product service Power Automation Systems Overview • Electric cabinets with • Box-builds with high • Assembly of complete high robustness robustness finished products Examples • Power sub-stations • Operator panels • Energy storage containers • Electric
Slide 21: Summary: DeltaNordic is an attractive addition to Kitron
Summary: DeltaNordic is an attractive addition to Kitron Complete supplier of • Extensive manufacturing expertise from over 75 years of industry experience advanced electronics and electric systems • Prototyping and new product introduction drive new sales and enhance engagement with customers Missi
Slide 22: Operational excellence & AI
Operational excellence & AI Stian Haugen CTO
Slide 23: Kitron's scalable operating model
Kitron’s scalable operating model • Unified “One Kitron” operating model across Europe/US/Asia • Standardized equipment, automation platforms • Common IT systems ERP, MES and QMS systems • Kitron Academy and Kitron Leadership program • Mobility of workforce
Slide 24: Industry 4.0 & AI: Quantifiable value creation
Industry 4.0 & AI: Quantifiable value creation Operational excellence efficiency improvements • 1,500+ OPEX projects since 2018 → structural efficiency • Automation reduces labor %, increases OEE • Lights-out ready lines by 2027 on selected flows • Targets: Increase OEE YoY 10%, Failure rates approa
Slide 25: Growth without constraints
Growth without constraints • Expansion • Sweden +6,000 m² (2025) • Poland +3,500 m² (2025) • Norway +7,000 m² (2026) • Delta Nordic acquisition adds to new sites in Sweden • Stockholm • Örnsköldsvik • Poland +15,000 m² expansion under evaluation for 2027. • Multiple expansion opportunities. • Europe
Slide 26: Financial targets & outlook 2025/2026
Financial targets & outlook 2025/2026 Cathrin Nylander CFO
Slide 27: Setting the course for sustainable financial success
Setting the course for sustainable financial success Five financial goals CAGR % 5 year Revenue: ~10% organic growth Development 2021-2025 20% 23% 14% 14% 10% > 10% Targeting 10% yearly organic revenue growth over a business cycle, with M&A Promoting enduring profitability and a adding upside robust
Slide 28: Positioned for growth
Financial Strength Positioned for growth self funded organic expansion 59 MEUR Net debt Investments capabilities and efficiency 0.8 NIBD/EBITDA M&A attractive and growing sectors 35% Equity / Asset % Dividend policy Annual dividend of 20 to 60 per cent of the company’s consolidated net profit before
Slide 29: Free cash flow development and outlook
Free cash flow development and outlook EUR Million Free cash flow Free cash flow 45 41.8 80 40 70 35 60 30 50 42.9 25 40 20 16.7 17.3 30 15 10.1 10.5 17.1 10 20 5.9 5 2.0 10 0 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2023 2024 2025 2026 2026 - Inclusive of DN operations - Exclusive
Slide 30: Financial Outlook
Financial Outlook 2025 Outlook: • 2026 Outlook: Revenue €700–740M | EBIT €59–66M Revenue €855–943M | EBIT €77–93M • 2025 targets: • 2026 targets: • Operating Cash flow €80M–90M • Operating Cash flow €80M–90M • Leverage < 1 • Leverage < 1 • ROOC >35% • ROOC >35% • CCC 60 days • CCC 60 days 30
Slide 31: Key take-aways
Key take-aways • Our 5 market sectors provide a stable base for technology, growth and scale • Europe is entering a decade of accelerated defence demand • Secure, high-reliability manufacturing is a strategic capability • Kitron brings proven defence execution, certified secure sites, and a global f
Slide 32: Appendix: Definition of alternative performance measures
Appendix: Definition of alternative performance measures Order backlog Return on capital employed (ROCE) Cash conversion cycle (CCC) All firm orders and 4 months of committed customers forecast at revenue EBIT/(Total assets - short term debt) Days of inventory outstanding + Days of receivables outst